Chefs’ Warehouse (NASDAQ:CHEF) Raised to Strong-Buy at Zacks Research

Chefs’ Warehouse (NASDAQ:CHEF) was upgraded by analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Tuesday,Zacks.com reports.

CHEF has been the topic of several other reports. Weiss Ratings reiterated a “hold (c+)” rating on shares of Chefs’ Warehouse in a report on Wednesday, July 29th. TD Cowen boosted their price objective on Chefs’ Warehouse from $110.00 to $123.00 and gave the company a “buy” rating in a report on Wednesday, July 29th. Benchmark upped their price objective on Chefs’ Warehouse from $106.00 to $125.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. Morgan Stanley increased their target price on Chefs’ Warehouse from $97.00 to $104.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 30th. Finally, UBS Group lifted their target price on Chefs’ Warehouse from $114.00 to $125.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $107.43.

Chefs’ Warehouse Price Performance

NASDAQ:CHEF opened at $111.07 on Tuesday. The firm has a market capitalization of $4.53 billion, a price-to-earnings ratio of 52.89 and a beta of 1.39. Chefs’ Warehouse has a 1 year low of $53.20 and a 1 year high of $117.33. The business has a 50 day simple moving average of $97.34 and a 200-day simple moving average of $78.29. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.15 and a quick ratio of 1.31.

Chefs’ Warehouse (NASDAQ:CHEF) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $0.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.19. Chefs’ Warehouse had a return on equity of 16.95% and a net margin of 2.09%.The company had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.12 billion. During the same period last year, the company earned $0.52 earnings per share. Chefs’ Warehouse’s revenue was up 12.9% on a year-over-year basis. Equities analysts forecast that Chefs’ Warehouse will post 2.37 EPS for the current year.

Insider Buying and Selling at Chefs’ Warehouse

In other news, insider Christina Polychroni sold 4,500 shares of the stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $79.21, for a total transaction of $356,445.00. Following the transaction, the insider owned 24,642 shares of the company’s stock, valued at approximately $1,951,892.82. This represents a 15.44% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 11.10% of the company’s stock.

Institutional Trading of Chefs’ Warehouse

A number of hedge funds have recently added to or reduced their stakes in the business. AQR Capital Management LLC purchased a new position in Chefs’ Warehouse during the 1st quarter valued at about $352,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Chefs’ Warehouse by 6.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,152 shares of the company’s stock worth $1,152,000 after purchasing an additional 1,247 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Chefs’ Warehouse by 50.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 130,382 shares of the company’s stock valued at $7,101,000 after purchasing an additional 43,593 shares in the last quarter. Strs Ohio bought a new position in shares of Chefs’ Warehouse during the first quarter valued at approximately $98,000. Finally, Marshall Wace LLP purchased a new position in Chefs’ Warehouse during the second quarter valued at approximately $243,000. 91.55% of the stock is owned by hedge funds and other institutional investors.

About Chefs’ Warehouse

Chefs’ Warehouse, Inc is a specialty food distributor that supplies a broad range of high‐end ingredients and culinary products to professional chefs, restaurants, hotels, and other foodservice operators. Headquartered in Maspeth, New York, the company sources its portfolio from local artisans, boutique producers and leading global suppliers. Its core offerings include fresh and frozen proteins, specialty cuts of meat and seafood, handcrafted cheeses and charcuterie, seasonal produce, value‐added preparations, pantry staples and premium desserts and beverages.

The company operates a network of distribution centers strategically located in major metropolitan markets across North America.